Trump Dumps on China – and the Fed – After New Tariffs

The criticism comes amidst a stock market tumble initially caused by new Chinese tariffs. China announced today that they would hit the U.S. with trade tariffs worth roughly $75 billion.

As a result, Trump responded with a Twitter rant against the superpower in the East. He tweeted that they’ve stolen our intellectual property and infused the U.S. with the opioid Fentanyl.

Our Country has lost, stupidly, Trillions of Dollars with China over many years. They have stolen our Intellectual Property at a rate of Hundreds of Billions of Dollars a year, & they want to continue. I won’t let that happen! We don’t need China and, frankly, would be far….

— Donald J. Trump (@realDonaldTrump) August 23, 2019

Stock Market Careens to Painful Loss

The entire debacle has investors scrambling – and the stock market plunging.

As your President, one would think that I would be thrilled with our very strong dollar. I am not! The Fed’s high interest rate level, in comparison to other countries, is keeping the dollar high, making it more difficult for our great manufacturers like Caterpillar, Boeing,…..

— Donald J. Trump (@realDonaldTrump) August 8, 2019

Powell, whom Trump appointed Federal Reserve Chairman in February 2018, recently hinted that Trump’s aggressive stance against China has had consequences. During the Fed’s annual Jackson Symposium on Friday, Powell said:

“Trade policy uncertainty seems to be playing a role in the global slowdown and in weak manufacturing and capital spending in the United States.”

China stated that they would attach tariffs of 5% and 10% on over 5,000 products beginning September 1st. A second round of tariffs is set for December 15th, which will include a 25% tax on US auto imports.

Click here for a real-time Dow Jones Industrial Average chart.

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